Samsung's 'Good' Problem: A Growing Cash Pile

Having grabbed a big chunk of the profitable smartphone business from Apple Inc. and others, Samsung Electronics Co. now faces a new, enviable Apple-like challenge: a mammoth pile of unspent, accumulated cash.

After a first quarter marked by a 42% rise in net profit, Samsung said its cash and cash equivalents grew to nearly $40 billion at the end of March. After stripping out debt, Samsung's net cash position is 31.2 trillion won,...